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Rigetti Computing

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Rigetti Computing, Inc.
Company typePublic
Nasdaq: RGTI
IndustryQuantum computing
Founded2013; 11 years ago (2013)
FounderChad Rigetti
HeadquartersBerkeley, California, United States
Key people
Subodh Kulkarni (CEO)
ProductsQuantum integrated circuits
Forest quantum computing software
RevenueDecrease US$12 million (2023)
Number of employees
134 (2024)
Websiterigetti.com
Footnotes / references
[1]

Rigetti Computing, Inc. is a Berkeley, California-based developer of quantum integrated circuits used for quantum computers. Rigetti also develops a cloud platform called Forest that enables programmers to write quantum algorithms.[2]

History

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Rigetti Computing was founded in 2013 by Chad Rigetti, a physicist with a background in quantum computers from IBM, and studied under Michel Devoret.[2][3] The company emerged from startup incubator Y Combinator in 2014 as a so-called "spaceshot" company.[4][5] Later that year, Rigetti also participated in The Alchemist Accelerator, a venture capital programme.[5]

By February 2016, Rigetti created its first quantum processor , a three-qubit chip made using aluminum circuits on a silicon wafer.[6] That same year, Rigetti raised Series A funding of US$24 million in a round led by Andreessen Horowitz. In November, the company secured Series B funding of $40 million in a round led by investment firm Vy Capital, along with additional funding from Andreessen Horowitz and other investors. Y Combinator also participated in both rounds.[5]

By Spring of 2017, Rigetti had advanced to testing eight-qubit quantum computers.[3] In June, the company announced the release of Forest 1.0, a quantum computing platform designed to enable developers to create quantum algorithms.[2] This was a major milestone.

In October 2021, Rigetti announced plans to go public via a SPAC merger, with estimated valuation of around US$1.5 billion.[7][8] This deal was expected to raise an additional US$458 million, bringing the total funding to US$658 million.[7] The fund will be used to accelerate the company's growth, including scaling its quantum processors from 80 qubits to 1,000 qubits by 2024, and to 4,000 by 2026.[9] The SPAC deal closed on 2 March 2022, and Rigetti began trading on the NASDAQ under the ticker symbol RGTI.[10]

In December 2022, Subodh Kulkarni became president and CEO of the company.[11]

In July 2023 Rigetti launched a single-chip 84 qubit quantum processor that can scale to even larger systems.[12]

Products and technology

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Rigetti Computing is a full-stack quantum computing company, a term that indicates that the company designs and fabricates quantum chips, integrates them with a controlling architecture, and develops software for programmers to use to build algorithms for the chips.[13]

Forest cloud computing platform

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The company hosts a cloud computing platform called Forest, which gives developers access to quantum processors so they can write quantum algorithms for testing purposes. The computing platform is based on a custom instruction language the company developed called Quil, which stands for Quantum Instruction Language. Quil facilitates hybrid quantum/classical computing, and programs can be built and executed using open source Python tools.[13][14] As of June 2017, the platform allows coders to write quantum algorithms for a simulation of a quantum chip with 36 qubits.[2]

Fab-1

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The company operates a rapid prototyping fabrication ("fab") lab called Fab-1, designed to quickly create integrated circuits. Lab engineers design and generate experimental designs for 3D-integrated quantum circuits for qubit-based quantum hardware.[13]

Recognition

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The company was recognized in 2016 by X-Prize founder Peter Diamandis as being one of the three leaders in the quantum computing space, along with IBM and Google.[15] MIT Technology Review named the company one of the 50 smartest companies of 2017.[16]

See also

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Locations

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Rigetti Computing is headquartered in Berkeley, California, where it hosts developmental systems and cooling equipment.[15] The company also operates its Fab-1 manufacturing facility in nearby Fremont.[2]

References

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  1. ^ "Rigetti Computing Inc. 2023 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. March 14, 2024.
  2. ^ a b c d e "The Quantum Computer Factory That's Taking on Google and IBM". wired.com. 2017-06-20. Retrieved 2017-07-20.
  3. ^ a b "A quantum leap of faith" (PDF). uregina.com. 2017-06-20. Retrieved 2017-07-20.
  4. ^ "11 startups to watch from Y Combinator's Demo Day". bizjournals.com. Silicon Valley Business Journal. 2014-08-20. Retrieved 2017-07-20.
  5. ^ a b c "Y Combinator's quantum computing 'spaceshot' scores $64M from A16Z, others". bizjournals.com. Silicon Valley Business Journal. 2017-03-29. Retrieved 2017-07-20.
  6. ^ "The Tiny Startup Racing Google to Build a Quantum Computing Chip". technologyreview.com. 2016-02-08. Retrieved 2017-07-20.
  7. ^ a b "Rigetti Announces SPAC Deal with Supernova II". Rigetti. Retrieved 2021-10-11.
  8. ^ Lee, Jane Lanhee (2021-10-06). "Quantum computer maker Rigetti to go public via $1.5 bln SPAC deal". Reuters. Retrieved 2021-10-11.
  9. ^ "Quantum-Computing Company Rigetti to Go Public Through SPAC Deal". MarketWatch. Retrieved 2021-10-11.
  10. ^ "Rigetti Computing Announces Closing of Business Combination with Supernova Partners Acquisition Company II, Ltd.; Begins Trading on Nasdaq Capital Market Today". globenewswire.com (Press release). 2 March 2022.
  11. ^ "Dr. Subodh Kulkarni | Rigetti Computing". Rigetti. Retrieved 2023-07-11.
  12. ^ "Rigetti launches 84qubit single chip quantum processor". August 11, 2023.
  13. ^ a b c "Rigetti Launches Full-Stack Quantum Computing Service and Quantum IC Fab". IEEE. 2017-06-26. Retrieved 2017-07-20.
  14. ^ "Welcome to pyQuil!". readthedocs.io. Retrieved 2017-07-20.
  15. ^ a b Md, Peter H. Diamandis (2010-10-16). "Massive Disruption Is Coming With Quantum Computing". Singularity Hub. Retrieved 2017-07-20.
  16. ^ "50 Smartest Companies 2017". technologyreview.com. Retrieved 2017-07-20.
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